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In addition, the Morrisville-based company said it was eliminatinhg four jobs in marketing and Those changes would save the compan yabout $1.7 million in 2009, which will partly be offsey by payouts of $325,000 for laid-ofc workers. “The economic climate for the jewelry industrg isquite challenging, requiring the company to make changes in orderd to achieve profitability quickly and build a foundationm for successful growth,” said Dennies Reed, president of Charles & Colvard, in a pres s release. CFO James Braun will be replacesd byNeil Boss, the company’s controller since 2002. new title will be principal accountint officer and principalfinancial officer.
In the company said Steven Abate, vice presidenf of manufacturing sinceMarcy 2007, has been appointed vice presideny of operations. These are only the latest steps taken by the companuy as it faces slow salews and increased inventory levels for itsmoissanite gems, whichj are essentially fake gems. In April, Charles & Colvardf said it would cut 10 jobs. In July, the company’sa chairman and CEO, Bob Thomas, left the Last month, the company said it was suspending purchase of raw materialds from The company is also battling to keep itspublicv status. In August, Charles & Colvard said its which trades on the Nasdaqstock exchange, may be delisted.
For the compangy has to keep its listing, its sharew have to trade above $1 for more than 10 consecutive daysbefores Feb. 17. Its stock was tradinvg at 60 centsThursday morning.
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